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The stock of Laurus Labs rebounded from the support at ₹425 this week. Although the stock has been witnessing higher volatility since April, the prevailing price action indicates a high probability of a rally from here. In the near term, Laurus Lab’s stock price is likely to hit ₹475. That said, there is a chance for it to see a minor correction before the rally. The corrective decline can drag the stock to ₹428. So, participants can consider buying this stock now at ₹437 and accumulate if the price dips to ₹428. Place a stop-loss at ₹418. When the price rises to ₹450, modify the stop-loss to ₹435. Tighten the stop-loss further to ₹450 when the stock touches ₹465. Liquidate the longs at ₹475.
(Note: The recommendations are based on technical analysis. There is a risk of loss in trading.)
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